4E: The U.S. government shutdown has ended, and the trend of institutions increasing their Bitcoin holdings continues

According to 4E observations, on November 13, the U.S. House of Representatives passed a bill to end the government shutdown with 222 votes in favor and 209 against, marking a temporary resolution to the political deadlock in the U.S. federal government and providing some support for market sentiment.

In the realm of crypto assets, the Q3 2025 financial report released by SharpLink, the treasury company of Ethereum, shows that the company's total revenue surged by 1100% year-on-year, reaching approximately $10.8 million, with a net profit of $104.3 million and earnings per share of $0.62. As of November 9, SharpLink's ETH holdings have increased to 861,251 coins, with total crypto assets of about $3 billion, indicating significant success in its ETH treasury strategy.

Meanwhile, a bill submitted by Brazilian President Lula da Silva aims to authorize the monetization of seized cryptocurrencies before trial to undermine the funding chains of criminal factions. This initiative, along with new regulatory requirements from the Brazilian central bank for the crypto industry, marks an important step for the country in combating crime and regulating the market.

In the Bitcoin market, the market capitalization of Strategy (MSTR) has fallen below the net asset value of its Bitcoin holdings, resulting in a market cap inversion. At the same time, publicly listed companies added 195,000 Bitcoins in Q3, with a total value of approximately $20.5 billion, continuing the enthusiasm for Bitcoin as a reserve asset, with cumulative purchases exceeding 700,000 since the beginning of 2024.

4E Commentary: Recent U.S. political stability, strengthened regulation in Brazil, and continued accumulation of Bitcoin by publicly listed companies demonstrate the significant impact of macro policies and institutional behavior on the crypto asset market. In the short term, favorable U.S. politics and institutional demand may continue to support market sentiment.

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